Peer-to-peer financing platform CapBay has reportedly raised $20m in its Series A round, which was supported by Singapore-based venture firm KK Fund.
Other backers to the round are unnamed Malaysia-based angels, which have a background in finance, technology and growing startups, according to a report form Digital News Asia.
With the capital, the company hopes to bolster the capabilities of its platform and technology, it said. It also plans to improve its financing efforts and further its market expansion.
The company previously raised $500,000 in a seed round back in 2017.
CapBay enables individuals and institutions to build a portfolio of investments and helps SMEs get access to loans to help them with cashflow, inventory financing and working capital.
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